South Africa stocks slip into red for 2011

By David Dolan

JOHANNESBURG (Reuters) - South African stocks slipped to their first annual loss since the 2008 financial crisis, giving up 0.6 percent as concerns about the euro zone shredded confidence in miners and other firms sensitive to global growth.

While Johannesburg's slight decline outperformed many developed and emerging markets in 2011, the pain was far worse for foreign investors, who saw their returns eroded by a nearly 20 percent drop in the rand currency.

The sluggish stock performance is likely to continue due to the uncertainty about Europe, traders have said.

"You could have gone to the beach for the whole year and come back and caused less damage to a portfolio," said Abri du Plessis, chief investment officer at Gryphon Asset Management in Cape Town.

The benchmark Top-40 index finished 2011 at 28,469.81, down 0.06 on the day and a decline of 0.59 percent for 2011.

The broader All-share index rose 0.02 percent on Friday, but booked an annual loss of 0.36 percent.

Platinum producers Lonmin Plc and Impala Platinum were the two worst performing blue chips in 2011, hit by a 22 percent price decline in the precious metal.

Lonmin dropped 40 percent for the year, while Impala Platinum tumbled 28 percent. ? Continued...

Source: http://feeds.reuters.com/~r/reuters/AFRICAbusinessNews/~3/e_Geawsl_VA/idAFJOE7BT02620111230

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